IBS Software, a global travel, transportation and logistics technology provider, will receive a $170m private equity investment.
Funds managed by Blackstone (NYSE: BX) made the investment in exchange for a minority shareholding buying out General Atlantic, a growth equity firm that has been invested in IBS since 2007, and other shareholders.
The transaction is expected to close within a month, subject to customary regulatory approvals.
Led by VK Mathews, Founder and Executive Chairman, and Rajiv Shah, CEO, IBS Group
provides a range of new-generation software products to airlines, airports, cruise lines, travel distributors and oil & gas companies. It has a global presence with nearly 3,000 professionals across nine offices in North America, Asia Pacific, Europe and Middle East and Africa